Credit, Debit, and Prepaid Cards

They say money is everything, because you can use money to purchase almost anything. That is why money became so much important and risky to posses. These days, there are a lot of ways to purchase without taking with you a lot of money. Today, there are different cards used to purchase and pays transactions.

Here are the different cards we used;

• We have Credit cards, this card was issued by financial institutions, allowing us to borrow money from them. Every time we use it to purchase a product or have transaction that involves money, the financial institution pays it for us, and in return paying back the institution. The signing of signature at the back of credit card signifies that you'll going to pay them back. The credit has limit, and paying anything your borrowed with interest at the end of the month.

• The next is a Debit card, issued by our bank, it functions like a check, it directly get fund from our account. It is faster means to withdraw money and pay transactions. It doesn't need to bring money for shopping and travelling because a lot of stores nationwide now accepting debit card to pay purchases.

• Another is the Prepaid card, if you tend to over spend, then this card is recommended for your use. Reload only the appropriate and designated amount your spending in a time you want it. In this scheme you will not over spend or accumulate debt.  Not unlike credit, after consuming the loaded amount, you have no worry about bills for credit cards and maintaining balances for debit cards.

 

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